In some restructured markets, the planning reserve margin is often the justification for capacity markets. In regulated utilities, resource adequacy analysis sets the planning reserve margin used to signal the need for new generation and guides procurement decisions. It’s a big task-it determines how much investment our power grids require, how much new generation is built, and which generators can retire. Evaluating these uncertainties statistically, grid planners project resource needs to reach an acceptably low level of risk of capacity shortages. The answer lies in resource adequacy analysis-a form of grid planning that ensures that grid operators have the resources available to balance supply and demand-taking into account uncertainties like unexpected generator outages, fluctuating load, and changes in the weather, which are becoming increasingly important.
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